The Minister of Solid Minerals Development, Dr. Dele Alake, has described the wave of tariffs imposed by the United States as a potential opportunity for African nations to rethink their economic strategies and strengthen intra-continental trade.
Dr. Alake made this assertion during a Fireside Chat session at the 14th Annual Investment Meeting (AIM) Congress held in Abu Dhabi, United Arab Emirates. The session, titled “The Alchemy of Foreign Direct Investment: Turning Policies into Prosperity for Emerging Global Markets”, explored the implications of evolving global trade dynamics on developing economies.
In a statement issued on Sunday by his Special Assistant on Media, Segun Tomori, the minister emphasized that while the new tariffs—recently announced by U.S. President Donald Trump—may pose challenges globally, they also open a window for African countries to become more self-reliant and economically united.
“The barrage of tariffs imposed carries wide-ranging implications for the global economy, U.S. trade relationships, and developing nations, including those in Africa,” Alake noted.
He urged African leaders to adopt an introspective approach, review their economic models, and shift focus from dependence on external markets to building stronger trade partnerships within the continent.
Highlighting one of Africa’s long-standing challenges, Alake criticized the traditional “pit-to-port” model of exporting raw mineral resources without any local value addition. He called for a new era where investors are encouraged to set up processing plants within Africa to add value, create jobs, and grow local economies.
“Interested investors who wish to come into Africa are welcome to set up their factories here, add value to our mineral resources, and create employment opportunities—rather than just shipping our wealth offshore,” he asserted.
Alake, who chairs the African Minerals Strategy Group (AMSG), said his advocacy for protecting and maximizing Africa’s mineral wealth is gaining traction among several mineral-producing countries.
He reiterated Nigeria’s commitment to a value-focused mineral development policy aimed at stimulating economic growth and creating employment through domestic resource utilization.
The AIM Congress, held from April 7 to 9, focused on “Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape – Towards a New Balanced World Structure.” The annual forum provides a platform for global leaders, investors, and policymakers to discuss international investment trends and foster sustainable development.
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